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3 Marketing to Women NEWS FLASHES

Attention, CEOs, CMOs, COOs and everyone in the C-suite!

3 Marketing to Women NEWS FLASHES

BREAKING: Here are three executive summary news flashes you need to know before developing your next strategic initiative. 

Women Are Not a Niche

Women are not a “niche,” so get your marketing to women initiatives out of the specialty markets group.

Sometimes, ya gotta laugh. Time and time again, I’m invited to speak at a major corporation by the executive heading up a business group called something like Specialty Markets, Minority Markets or Emerging Markets. This group has responsibility for marketing to various niches– and women. All I can say is, “Wait a minute! You’re supposed to motivate 51% of the population and you have, what, 4% of the corporate marketing budget?”

First In, First Win

The competition is catching on to marketing to women.

I can’t explain why it has taken so long for American business to recognize and act on the tidal wave that is the women’s market. But it’s a secret no longer. Companies from Nike to Nabisco and from Wachovia to Wyndham, companies like General Motors, Volvo, Harley Davidson and Jiffy Lube as well as Charles Schwab, Citigroup, Kimpton Hotels, MinuteClinic, Lowe’s and The Home Depot are all seeking their industry’s lead in the women’s market.

Paradoxically, there’s still room to leap ahead. That’s because many pioneers entered this new territory cautiously and tentatively. For whatever reason, their hearts aren’t truly in the marketing to women game, and that means good news for you. Their reticence means that you can benefit from what they’ve learned– and leapfrog to the front.

Get Serious about Marketing to Women

If you dip your toe in the water, what makes you think you’ll get splashy results?

Unlocking a gigantic new consumer segment warrants at least– at least!– as much commitment as launching a new product line. There are companies that spend millions to market a line extension without blinking an eye; others invest billions to open undeveloped global markets without a backward glance. Why? Because it’s an “obvious” opportunity. How is it that the same companies can decide that the women’s market warrants merely a test launch in a single market to “see how it does?”

 

Women are more profitable customers

Marketing to women will deliver more bucks to your bottom line than putting the same budget against an all-male target. Consider the following trends and facts found in today’s marketplace:

  • The sales potential of the “women’s market” is enormous and on a steep upward trend. Earning and spending trends increases are just the tip of the iceberg. As women continue their advances in the workplace, they are acquiring more disposable income. Women also control the majority of all household spending, and have the “final say” on major purchase decisions, such as cars and home renovations. As Baby Boomer women receive inheritances, first from their parents, then from their husbands, more and more buying power will accrue to women’s wallets.
  • Women are more profitable customers than men. Women are more loyal customers than men, making every follow-up marketing and sales dollar more efficient. Also, women’s word-of-mouth and referrals constitute inexpensive marketing of the most powerful kind.
  • Effectively targeting women leads to higher customer satisfaction among both men and women. Companies as diverse as BMW, Wyndham Hotels and Merrill Lynch have found that improvements designed to enhance brand appeal among women actually deliver greater customer satisfaction among men, too. When you meet the expectations of women, companies exceed the expectations of men.
  • Marketing to women delivers a better return on your marketing dollar through both greater opportunity and greater impact. While in many categories the traditional male targets are saturated, the corresponding women’s segments are untapped and virtually uncontested by competition.

The largest, fastest growing market in the world is waiting. Worldwide, women control consumer spending. They are accumulating income and investable assets as never before in history. And, they’re expanding their decision-making presence in corporations and small businesses.

The business is there; the real question is: Are you?